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In its seventh annual Luggage of Love fundraiser, supported by dozens of generous clients and friends, Apex CPAs & Consultants raised over $56,000 in cash and gift-packed suitcases to Kane County children entering foster care.

The complexion of the Build Back Better Act changed significantly, here are highlights of the key tax provisions in the bill as it stands.

The American Rescue Plan expanded the Child Tax Credit for 2021. It will provide eligible parents with a $3,000 credit for every child aged 6 to 17 and $3,600 for every child under 6.

On February 17th Apex hosted a webinar covering the second round of Paycheck Protection Program (PPP) Loans.

Identity theft has become a serious problem especially when it comes to tax return filing. Fraudulent individuals often steal identities to file false tax returns and claim refunds before the rightful filers can do so. The IRS created the Identity Protection PIN program to protect those who had previously been victims of identity theft. This program is now available for all individuals to voluntarily opt into, as a proactive measure that you can take to protect yourself from tax-related identity theft.

The new stimulus bill was signed into law by President Donald Trump on December 27, 2020. In many ways this satisfied our Christmas wish list for the Paycheck Protection Program (PPP) loans. This bill is a great benefit to small businesses. A brief summary of some applicable portions of the bill are as follows.

In its sixth annual Luggage of Love fundraiser, supported by dozens of generous clients and friends, Apex CPAs & Consultants raised over $30,000. This year was a momentous year, pushing donations to date to over $100,000 with 100% of the proceeds going directly to benefit children in the Kane County foster care system.

The Small Business Administration (SBA) and the Treasury Department issued a simplified Payroll Protection Program (PPP) forgiveness application (Form 3508S) and instructions for loans of $50,000 or less.

In the upcoming November 2020 election, Illinoisians will vote on what could be a very impactful amendment to the state’s Constitution. This amendment, if passed, may allow Illinois’ current flat tax rate to be replaced with a progressive income tax.

Paycheck Protection Program (PPP) loan forgiveness is top of mind for many borrowers, but many experts say to wait.

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